Empirical analysis of relationship between liquidity constraints and consumer behaviors
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    Abstract:

    The existence of liquidity constraints could increase the saving level , and induce the current consump2 tion. By using the optimal consumption model with three periods , we prove that there are liquidity constraints in the smooth consumption path. We find that about 83. 46 percent of consumers are influenced by the liquidity constraints in China. Therefore , enforcing the liquidity in the credit market is important to stimulus the aggregate demand in current conditions

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